Category: Business

Elumelu foundation advises youths to imbibe job creating mentality

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    Chief Executive Officer, Tony Elumelu Foundation, Ifeyinwa Ugochukwu, has urged youths to imbibe a job creating mentality for success in the future.   She stated this at the Misk Global Forum in Riyadh, Saudi Arabia. The event, which had as its theme, “Work Reworked, ” focused on discovering the new trends and transformation in the world of work, regardless of location or socio-economic divide.   Speaking on the theme, “Dinosaur or Future-Fit/ Careers in a Post-Job Era,” she emphasised the role entrepreneurship plays in educating the youth for…

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Analysts: OMO restriction threatens banks’ profitability

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    The decision by the Central Bank of Nigeria (CBN) to bar non-bank locals (individuals and corporates) from participating in its Open Market Operations (OMO) at both the primary and secondary markets, could make it difficult for the banks to comply with the apex bank’s Loan to Deposit Ratio (LDR) requirements, thereby affecting their profitability, analysts at Comercio Partners have said.   In a report obtained by New Telegraph at the weekend, the analysts noted that the OMO restriction had resulted to a decline in yields at the CBN’s…

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Access Bank, Nigerian Breweries partner on ‘Access The Stars’

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Access Bank and Nigerian Breweries (through Star Lager Beer) have announced, “Access The Stars”, a collaborative music platform to discover, groom and amplify the next generation of Nigerian talents. According to the two companies,  “Access The Stars is a new platform created for exceptional and aspirational Nigerians in the music industry to be discovered, refined, and empowered to reach higher heights by accessing their star potential. Successful artists will get to tour with the best of Nigerian artists on ‘The Trek’ across the country, giving the grassroots access to the stars…

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NSE signs MoU with LuxSE on green bond

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The Nigerian Stock Exchange (NSE) and Luxembourg Stock Exchange (LuxSE) have signed a Memorandum of Understanding (MoU) to cooperate in promoting cross listing and trading of green bonds in Nigeria and Luxembourg. The announcement was made at the signing ceremony led by NSE CEO, Oscar Onyema, and LuxSE CEO, Robert Scharfe. The event took place yesterday during the annual meeting of the World Federation of Exchanges in Singapore. The MoU further established an agreement for the two exchanges to collaborate with a view to sharing best practices and organising joint…

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Investors lose N102bn as stocks fall for seventh day

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The Nigerian equities market yesterday tumbled for seventh consecutive trading day as sell pressure remains unabated, producing 15 losers against 12 gainers. Key market indicators, the NSE ASI, declined by 0.79 per cent as bargain hunters remained on the sideline, following growing investment apathy. Consequently, the All-Share Index dipped 210 basis points or 0.79 per cent to close at 26,598.94 as against 26.809.92 recorded the previous day while market capitalisation of equities depreciated by N102 billion or 0.79 per cent to close at N12.948 trillion from N13.050 trillion. Meanwhile, a…

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World Bank cuts Nigeria’s growth forecast to 2.0%

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The World Bank has reviewed downward Nigeria’s economic growth forecast for this year to 2.0 per cent from its earlier projection of 2.1per cent in April. The bank, which stated this in its October Africa’s Pulse report, released yesterday, also projected that the country’s economy would expand by 2.1 per cent in 2020 and 2021, which are 0.1 and 0.3 percentage points lower than its April forecasts, respectively. According to the World Bank, multiple exchange rates, foreign exchange restrictions, high inflation, and low non-oil revenues among other obstacles, will ensure…

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Stakeholders seek sustainable fertiliser financing

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Key stakeholders in West Africa’s fertiliser sector are calling for more action to support the industry, which is central to the continent’s agricultural revolution. The call came out of the first West Africa Fertiliser Financing Forum, organized by the African Fertiliser Financing Mechanism and partners, and held at the African Development Bank (AfDB) in Abidjan recently. A major outcome of the forum was the signing of a Memorandum of Understanding between the West Africa Fertiliser Association and the Economic Community of West African States (ECOWAS). The agreement aims to strengthen the…

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Forex restriction: Dairy product import drops by 25.19%

 Dorothy Ewah

Following the Central Bank of Nigeria (CBN) restriction on foreign exchange for importation of certain products, Nigeria has witnessed a 25.19 per cent drop in importation of dairy products from New Zealand and three other countries.   New Telegraph reports that Nigeria imported N211billion ($578. 97million) worth of the product between 2017 and 2018.   Findings by New Telegraph revealed that the sharp drop had to do with CBN’s policy on foreign exchange restriction on the product, as statistics by International Trade Statistics (ITS) show that the country imported $331.19…

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OML 25: Nigeria suffers 35,000 barrels loss to dispute

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  The Federal Government at the weekend declared that 35,000 barrels of crude production were lost daily to the disputed oil mining lease (OML) 25 between NNPC’s Joint Venture partner, Shell Petroleum Development Company (SPDC) and Belema Oil. The Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, declared this during their stakeholders’ visit to host communities and facilities of OML 25 in Kula Kingdom of Asari-Toru Local Government of Rivers State on Saturday. The…

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NBS: Banks’ non-performing loans drop to N1.44trn

Dora Ewah

      Non-Performing Loans (NPLs) in the nation’s banking industry have continued their downward trend in recent months, falling to N1.44trillion in the second quarter of this year from N1.67trillion in Q1, latest data released by the National Bureau of Statistics (NBS), shows.   According to the “Selected Banking Sector Data Q2 2019” report released by NBS over the weekend, gross loans granted by banks fell to N15.48trillion in Q2 ’19 from N15.54trillion in the first quarter.   According to New Telegraph, in terms of credit to private sector,…

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